HMRC clamping down on furlough fraud by companies in Danger Zone

The latest statistics show that over 11 million workers have been furloughed in the UK as part of the government's job retention scheme (that equates to 16% of the population or one in six people) and 41% of employers had staff furloughed. The scheme has so far cost the government over £40 billion and this figure will continue to rise until the end of September this year when the scheme is set to wind down.

This question is of particular importance considering further that the provisions of the Luxembourg Commercial Code may seem confusing when read literally and in isolation as to whether the period commences from the date of cessation of payments (cessation des paiements) alone, or the date of both the cessation of payments (cessation des paiements) and loss of creditworthiness (ébranlement du crédit) (i.e., the cumulative criteria for bankruptcy).

Genoteerd JANUARI 2021 NUMMER 138 WHOA - Wet homologatie onderhands akkoord - Inleiding - WHOA - hoofdlijnen - WHOA - bescherming schuldenaar en schuldeisers gedurende het akkoordtraject - Concluderend In deze uitgave Genoteerd 3 1 Inleiding 1.1 Op 1 januari 2021 is het wetsvoorstel wet homologatie onderhands akkoord (de WHOA) in werking getreden.

Quoted WHOA - the Dutch scheme of arrangement JANUARY 2021 EDITION 138 - Introduction - WHOA – main features - WHOA – protection of the debtor and creditors during the ratification process - In conclusion In this edition Quoted 3 1 Introduction 1.1 On 1 January 2021 the draft bill on ‘court sanctioning private composition to avoid bankruptcy” (wet homologatie onderhands akkoord – WHOA, also known as the “Dutch scheme of arrangement”) has been enacted.

What are the proposed changes to rules on transfer of ownership?

The key takeaway

The Law Commission’s proposed changes are likely to improve consumers’ odds of owning goods bought online in the event of retailer insolvency, even before they have left the retailer’s possession.

The background

In this chapter of our Annual Insurance Review 2021, we look at the main developments in 2020 and expected issues in 2021 for D&O.

Key developments in 2020

For D&O insurers, 2020 was all about the hardening market – with rates doubling in some cases and limits contracting – and the underlying causes of that.

In this chapter of our Annual Insurance Review 2021, we look at the main developments in 2020 and expected issues in 2021 for restructuring and insolvency.

Key developments in 2020

The Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. The changes introduced by that Act were some of the most significant made to English insolvency law for decades.

During this second wave of COVID, new lock-down measures have been taken. Belgium has already provided for numerous measures to mitigate the economic impact of the coronavirus (COVID-19). In addition, the Belgian authorities have again adopted a statutory moratorium imposing a stay on creditors’ right to enforce debts, terminate existing agreements early and initiate bankruptcy proceedings.

An application to admit witness evidence outside the directions timetable should be treated like an application for relief from sanctions under CPR 3.9 according to the High Court in Wolf Rock (Cornwall) Ltd v Langhelle.

Facts

NOVEMBER 2020 Corona: directors’ duties and restructuring options in the BeNeLuCh Corona: directors’ duties and restructuring options in the BeNeLuCh I Introduction The rapid spread of the coronavirus (COVID-19) pandemic is leading to far-reaching health and safety measures all around the world. For people at home, but also for businesses, this creates a situation of great uncertainty. Certain governments have taken (extensive) measures to help businesses and its employees.